A Summary of The LinkedIn Workforce Report for July 2024
By Jeff Altman, The Big Game Hunter
This is a summary of The LinkedIn Workforce Report for July 2024
- National hiring slowed by 2.2% from May to June 2024.
- Hiring decreased by 8.1% compared to June 2023.
- Despite monthly fluctuations, overall hiring in 2024 remains steady.
- June 2024 hiring matches January 2024 levels.
- Only 3 out of 20 industries saw increased hiring from May to June.
- Real Estate and Equipment Rental Services had the highest growth at 4.1%.
- Transportation, Logistics, Supply Chain and Storage grew by 0.9%.
- Farming, Ranching, Forestry saw the largest decline at -6.0%.
- Administrative and Support Services declined by -6.4%.
- Accommodation and Food Services decreased by -8.3%.
- Technology, Information, and Media industry hiring matches June 2023 levels.
- 19 out of 20 major metro areas experienced slower hiring from May to June.
- Minneapolis-St. Paul’s hiring pace remained unchanged.
- Atlanta’s hiring is up 1.0% year-over-year.
- San Francisco Bay Area’s hiring is down 1.1% year-over-year.
- Washington, DC saw a -4.1% hiring deceleration.
- Phoenix experienced a -4.5% hiring slowdown.
- Boston had the largest hiring deceleration at -8.9%.
- LinkedIn hiring rate measures hires divided by LinkedIn membership.
- Hiring varied significantly across industries:
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- Real Estate and Equipment Rental Services: +4.1% (highest growth)
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- Transportation, Logistics, Supply Chain and Storage: +0.9%
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- Holding Companies: +0.6%
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- Construction: -0.4%
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- Utilities: -0.2%
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- Manufacturing: -1.7%
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- Wholesale: -3.0%
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- Entertainment Providers: -2.9%
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- Professional Services: -2.3%
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- Consumer Services: -5.0%
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- Retail: -4.9%
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- Education: -4.7%
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- Financial Services: -4.4%
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- Government Administration: -4.4%
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- Technology, Information and Media: -4.2%
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- Hospitals and Health Care: -3.7%
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- Oil, Gas, and Mining: -2.8%
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- Administrative and Support Services: -6.4%
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- Farming, Ranching, Forestry: -6.0%
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- Accommodation and Food Services: -8.3% (largest decline)
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